Instead of going with 529 plans, we went with UTMA custodial accounts instead; here's why. Here's why we decided UTMA accounts were best for our family situation. UTMA accounts are flexibleWhile 529 plans must be used for education-related expenses, the options for UTMAs are much broader. Like 529 plans, UTMA account contributions are post-tax, meaning that income taxes have already been paid on the money being deposited. AdvertisementWe realize 529 plans would give us more direct control over our children's spending, but sooner or later, they're going to have to grow up.

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Persons: —, Andy Esser, Edward Jones, Esser, that's, haven't, We're Organizations: Service, Business